The ongoing Coronavirus outbreak has more than just disrupted business in Hollywood and other giant industries ranging from Entertainment to tech. Reports already point out that the novel disease has drastically affected the film industry, amounting to losses in billions. But the question remains, when and how can the industries bounce back?
The continued spread of COVID-19 seems to be inching closer to its boiling point as several film projects have already begun facing issues amid production. Moreover, most of the blockbuster type movies expected to release in the following days or months have been postponed indefinitely.
Hollywood facing more than $20 billion in loss of revenue?
The next Mission: Impossible movie was also expected to go ahead with a three-week shoot in Venice. but all plans were quickly abandoned with the increasing coronavirus scare.
Netflix has been on the defensive since early February and had taken measures to safeguard its actors during production like flying stars such as Gal Gadot in private jets for the film Red Notice. But the worsening situation finally led to halting all production operations.
The streaming network isn’t leaving room for any risks and have cancelled all planned events. Actor Chris Hemsworth, who filmed his Netflix project – Extraction in India was expected to arrive in the country this month to promote the movie. But his visit was canceled due to the coronavirus scare. But that was before countries including India began taking drastic measures with its travel ban. Nonetheless, these issues certainly seem minuscule compared to the bigger hurdles that other companies are facing due to the outbreak.
Mulan, Fast 9, No Time To Die, Quiet Place II and other blockbusters delayed indefinitely.
Big blockbuster movies such as Mulan, Fast 9, No Time To Die, Quiet Place II and others have been delayed indefinitely. Especially, Mulan the $200 million film could end up facing the biggest loss as its main markets, China and U.S., are in a total lockdown with over 70,000 theaters shut. Any plans of launching the film for the European market also failed after President Donald Trump announced his travel ban to Europe.
Sony’s Bloodshot starring Vin Diesel was one of the movies that managed to still hit theaters amid the outbreak. But as expected, the film’s box office has been down the slumps and opened in the U.S. to just $9.3 million over the weekend. The overall movie ticket sales falling to historic low has only hurt the movie more and its critical response hasn’t been helpful as well.
According to THR, the global box office has already faced a grand loss of at least $7 billion. But if the situation continues to remain the same through March, April and May – it could end up adding another $10 billion of loss in revenue. Ultimately, leading to a total of over $17 billion.
Hollywood on self-quarantine as star Tom Hanks, Idris Elba test positive for COVID-19
The world of television is also facing similar setbacks with production on shows like Netflix’s The Witcher, Peaky Blinder, Line of Duty, etc have all been postponed.
Tom Hanks and his wife Rita Wilson were one of the latest victims in Hollywood to be tested positive for Covid-19. The pair contracted the virus during their stay in Australia for the filming of his untitled Elvis movie project. Fortunately, Hanks and his wife have both been discharged from the hospital and are in self-quarantine. Tom Hanks and his wife Rita Wilson were one of the latest victims in Hollywood to be tested positive for Covid-19. The pair contracted the virus during their stay in Australia for the filming of his untitled Elvis movie project. Fortunately, Hanks and his wife have both been discharged from the hospital and are in self-quarantine.
Movies like Birds of Prey releasing on VOD early amid the Coronavirus outbreak
Star Idris Elba, who recently filmed his part for the DC film, The Suicide Squad announced that he has also been tested positive for the Coronavirus. The actor and his wife are both currently in Quarantine.
Some studios are already preparing for the inevitable and are on track to executing plans to caters to the moviegoers with video on demand. Warner Bros. is releasing its latest DC title, Birds of Prey weeks earlier for VOD alongside Guy Ritchie’s Gentlemen.
Universal Studio is going to unprecedented levels by releasing its upcoming films like Troll 2 on theaters as well as VOD simultaneously. Moreover, its latest titles like The Hunt and The Invisible Man will hit the online rental from March 20.
Entertainment expos like the recent Boston’s ACE Comic-con have been either canceled or postponed. However, events past the three-month threshold like San Diego Comic-con are still on but that could change.
The bigger question remains if and when Hollywood and other studios can bounce back from this chaos. From the looks of it, it remains uncertain and will be based on the advisories and recommendations laid down by the country’s health ministry.
Hanks is expected to resume filming Baz Luhrmann’s untitled Elvis movie after two weeks, post his recovery from the Coronavirus. But that could change if Australia tightens up its lockdown plan as a measure to combat coronavirus.
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